Summary

In July 2013, the Bureau of Economic Analysis (BEA) revised upward the historical values for gross domestic product (GDP); CBO extrapolated from those revisions so that its baseline projections of GDP reflect them. Although CBO's projections of revenues, outlays, deficits, and debt over the 2013-2023 period have not changed since they were issued in May, those amounts measured as a percentage of GDP are now lower as a result of BEA's revisions.